A diversified cannabis company, Wayland announced the selling of 49.9% of its International Business assets to ICC – International Cannabis Corp. In accordance to its earlier announced strategic alternatives to maximize shareholder value, the Wayland Company has entered into a letter of Intent to sell half of its international assets to ICC. Only after the six-month holding period, 300,000,000 of the shares of ICC will be received by Wayland that trade under the symbol WRLD.U. with a deemed price of USD $0.43 a share. On the completion of the transaction, Wayland’s international business will be valued at approximately USD 258 Million. Once the holding period is over, Wayland aims to distribute these shares to its shareholders. Also, Wayland will sign a three year supply agreement with ICC leading to an annual supply of 10,000 Kg of EU-GMP certified Cannabis to ICC. Apart from acquiring a German cannabis import license, ICC will also have access to Wayland’s German counseling board for various branding campaigns, production and distribution strategies among other endeavors. The International Business will be held in a subsidiary, jointly owned by both Wayland and ICC.
Along with getting exposure to worldwide operations of the International Cannabis Corp., this transaction will permit Wayland and its shareholders to unlock the company’s value of an international portfolio.
Wayland was found in 2013 and has its cultivation, extraction and production operations based in Ontario, Canada, Munich, Germany, Italy, Switzerland etc. producing both medical and non-medical goods.